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The key difference between the law of diminishing returns and decreasing returns to scale is that the. former is in the short run, where at least one factor of production is ï¬xed, whilst the latter is in the long. run, where all factors of production/ inputs can be varied. As seen on the diagram below, long run.
Law of Diminishing Returns. When an input is increased, such as labor, while all others are. held constant, the resulting increase in production will become. larger and larger until the point of diminishing returns. After the. point of diminishing returns, the increase in production becomes. smaller and smaller.